party to the transaction, and any other relevant matter. Section 588FB(2) of the Corporations Act 2001 provides that there is no requirement for a creditor of the company to be party to the transaction and that there can still be an uncommercial transaction where it was the result of an Australian court order or agency direction. The vulnerability period for an uncommercial transaction is two years, or four years where there is a 'connected person'. Canada A transfer at undervalue occurs in Canadian insolvency law where there is a transfer of property or the provision of services for which the debtor company gives a consideration of nil or conspicuously less than fair market value. A trustee must bring an application under section 96 of the Bankruptcy and Insolvency Act for the court to declare a transaction void. The trustee has different legal requirements where the party was or was not dealing at arm's length with the debtor. Where the parties were at arm's length, the trustee must prove that the transaction was at an undervalue, it occurred during the one year before the initial bankruptcy event, the debtor company was insolvent at the time of the transaction or was made insolvent because of it, and the company intended to "defraud, defeat or delay" a creditor. Where the parties were not dealing at arm's length, then the trustee must prove that the transaction was at an undervalue and that either the transfer occurred during the one year before the initial bankruptcy event or the bankruptcy occurred in the five years before the initial bankruptcy event and the company was insolvent at the time of the transaction or was made insolvent because of it and the company intended to "defraud, defeat or delay" a creditor. South Africa A disposition without value in South African insolvency law can be set aside by the court under section 26 of the Insolvency Act 1936. This occurs where the debtor made such a disposition more than two years before the sequestration of his estate and it can be proven that immediately after the disposition, debtor's liabilities exceeded his assets, or the disposition occurred within two years of the sequestration of the estate and the person who received the disposition cannot prove that immediately after the transaction, the assets of the debtor exceeded his liabilities. See also Unfair preference Voidable floating charge Footnotes Bankruptcy Business law Insolvency